I am a tax accountant and I am presently analyzing a client's credit card statements for 2001. In 2001 First USA Bank settled a Class Action suit over inetrest overcharges. My client's settlement amount was credited to his account om March 29, 2001. His settlement amount was 38 CENTS!!!! His interest charge for that month a lone was $189.00. In other words, his settlement amount was 1 1/2 HOURS interest charges!!!! I bet the lawyers got a heck of a lot more than 38 cents. Forget Class Action suits, sue them yourself and go for the big bucks. No wonder the threat of a class action suit doesn't scare them.
I just got a class action settlement from the mortgage broker we used. They were sued for overcharging. Our share was almost $350. And we're supposed to get a separate settlement from the title company, I don't know how much it will be. And my invested time was zero. My monetary investment was zero. Pretty good return, in this case. But I know what you mean about a lot of the credit card settlements. I got a few dollars back on one. Got a coupon for $5 off of purchases (couldn't use it for my bill from Verizon Wireless. And they don't sell anything for $5 or less, so it actually costs you to use it! In the case of the mortgage broker, there was a stipulation that they had to pay lawyer's fees separately. That's probably why we actually got money.
You are 100% correct. They are almost laughable. My benefit of one against MBNA was $12.00. Another was $3.00. Also these bogus settlements with Household Finance. $484M...wow, sounds great. Amounts to $600-$1600 per victim, even those who have lost their homes to this $%%^&*. And if you accept the piddling amount of the settlement, you have to give up your rights to bring any more lawsuits against them personally. What a great deal.
You are 100% correct. They are almost laughable. My benefit of one against MBNA was $12.00. Another was $3.00. Also these bogus settlements with Household Finance. $484M...wow, sounds great. Amounts to $600-$1600 per victim, even those who have lost their homes to this $%%^&*. And if you accept the piddling amount of the settlement, you have to give up your rights to bring any more lawsuits against them personally. What a great deal.
